Greek Lawmakers Adopt Austerity Package

Greece's parliament has adopted a divisive package of financial reforms on the eve of a scheduled meeting of European Union finance ministers that is expected to review the bloc's massive bailout of the country earlier this year.

From the 300-seat legislature, just 153 lawmakers from Greece's leftist ruling coalition voted on May 8 to cut pensions and raise taxes. All opposition lawmakers voted against the package.

In Brussels on May 9, EU ministers are expected to meet to review Greece's implementation of the terms of its $95 billion bailout in order to unlock the tranche.

The vote in Greece came the same day as thousands of Greeks took to the streets of Athens to protest the unpopular reforms. There were clashes between demonstrators and security forces, and tear gas was deployed.

Greek Finance Minister Euclid Tsakalotos urged EU ministers to support the reforms, warning that not doing so could produce a "failed state."